Many enterprises have been struggling with inefficient claims systems, which can cause slowed decision-making and eventually lead to dissatisfied customers. To resolve these issues, businesses can deploy the most advanced automated workflows for enhanced records management.
An Accenture report asserted that filing a claim is a key moment for an insurance customer, and therefore, it is critical that the insurer is able to process that information quickly and act on the situation accurately. However, in the firm's studies, most insurers agreed that current claims management systems lacked the flexibility and modernity that is necessary, particularly in regard to allowing business processes to adapt to customers' evolving needs. As a result, Accenture found that these companies plan to invest an average of $17.5 million in their claims functions over the next three years, and more than one in five plan to dedicate more than $20 million to these efforts.
According to Accenture, updating workflows can empower claims professionals to respond more rapidly to changing customer and business demands. While previously, these solutions only had to handle structured and internal information, a host of other sources and third-party services have complicated data management. The source noted that one of the key features of an optimal claims system is a user-friendly, intuitive user interface. Additionally, the solution should automate the routine, manual tasks of the claims process. By removing the burden of administrative and time-consuming projects, these technologies enable the adjuster to focus on important aspects of the investigation and settlement.
Benefits beyond efficiency
FierceCIO reported that Crawford & Company is one insurer that has capitalized on the advantages of an automated claims management solution. The news source revealed that the company was able to send more than 500 insurance adjusters and process nearly 50,000 claims even in the wake of Super Storm Sandy last fall due to the digital system. Brian Flynn, executive vice president and global CIO at the Atlanta-based company, commented on how the technology has improved his firm's disaster recovery capabilities.
"Everything that we do is process. It's extremely essential that we do everything as efficiently and effectively as we can," he stated, according to FierceCIO. "We don't have the luxury to staff up during catastrophes."
By leveraging electronic business process management software, insurance companies can access more automated, agile, flexible and standardized solutions to respond better to both customer expectations and catastrophic events.
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